Somali Payment Switch
Overview
The Central Bank of Somalia has established a transformative national payment system for the first time in Somalia’s history
The system connects all of the banks in the country and enables them to transact with each other
It integrates automated clearing house (ACH), real time gross settlement (RTGS) and instant funds transfer (IFT) functionality into a single platform with links between CBS and the commercial banks
The national payment system will revolutionise the country’s financial sector, enabling a safer and more efficient payment infrastructure
It promotes financial system stability, speed of service and transactions, development of new lifestyle products and financial inclusion
See below a short video that tells the story of Somalia’s national payment system as well as launch event held at the prestigious Decale Hotel in Mogadishu.